US Treasury Secretary Scott Bessent has announced a new round of sanctions targeting Iran, dubbed “Operation Economic Outcast.” The package names about 60 entities, individuals, and vessels, while expanding secondary sanctions to cover shipping, gold, aviation, technology, and digital assets.
Bessent said the goal is to sever all economic resources sustaining the Tehran government until Iran is fully isolated. President Donald Trump has directly phoned leaders of various countries to urge them to halt transactions with Iran, though he did not name specific nations or set a deadline.
According to official customs data compiled by Trade Data Monitor, Iran has endured two decades of Western sanctions, shifting its economy away from Europe toward a shrinking circle of Asian and regional partners.
Iran's Top Export Partners
In 2024, Iran exported approximately $56 billion worth of goods to at least 112 countries and territories. Its largest export partners included:
- China ($14.58 billion): Iran's biggest oil buyer, accounting for more than 80% of its seaborne crude exports. Most of this is sold at a discount and shipped via shadow fleets, making it difficult to track in both countries' customs records.
- Iraq ($11.7 billion): Iran is a major gas supplier to Iraq for power generation, sells electricity directly to southern provinces, and remains a key source of food, construction materials, and manufactured goods.
- UAE ($7.16 billion): Long a financial and re-export hub for Iran, representing 13% of exports. Abu Dhabi last week imposed an indefinite trade embargo after accusing Iran of firing missiles into its territory, a charge Tehran denies.
- Turkey ($6.1 billion): Iran supplies gas via the Tabriz-Ankara pipeline, along with petrochemicals, food, and construction materials.
- Afghanistan ($2.3 billion): Iran provides fuel, food, and construction materials to the landlocked nation, which relies heavily on Iranian ports and road routes.
Iran's Top Import Partners
In 2024, Iran imported roughly $68.5 billion in goods from at least 87 countries and territories. Its largest import partners were:
- UAE ($21 billion): Accounting for more than 30% of imports, mostly re-exports, giving Iran indirect access to Western machinery, electronics, and consumer goods. Abu Dhabi's embargo has cut this route.
- China ($17.8 billion): The main supplier of machinery, electronics, vehicles, and industrial components, and the partner Iran relies on most as Western trade closes off.
- Turkey ($11.1 billion): A shared border and long-standing trade ties make it a vital land route, supplying machinery, chemicals, vehicles, and manufactured goods. Bilateral trade has declined since the war in the region began.
- European Union ($6.1 billion): European sales are a fraction of pre-2018 levels, focused on pharmaceuticals, medical equipment, and machinery.
- India ($1.6 billion): Trade has dropped sharply in recent years, limited mainly to agricultural goods like rice, tea, and pharmaceuticals.
